Part 6 – The Best And Worst Gold IRA Companies Reviewed – Fees & Complaints
This article was allowed to be reprinted with permission from http://theheartofgold.net.
This is a quick breakdown of each company, their fees, complaints (if any), and how they will actually treat you when you talk to them. You will not only know what the deal is with each gold broker, but you will know exactly what angle they will try to push onto you, should the company you call be one of those “pushy” types.
Flat Fees Versus Scaling Fees
As you probably know, fees accrue over the life of your account while it is maintained by the company of your choice. Good companies will charge flat fees & low “scaling fees”. Scaling fees are prices you pay that are based on a percentage or fixed ratio of your account. This could mean things like 1% of your account (annual fee) or $7 per $1000 account value. This becomes a specific issue if your account is worth $250,000 or more.
Flat fees are typically low relative to your account value, so everyone, ideally, will want to lock in as many flat fees as possible. Eventually, you will have to come across a scaling fee of some sort, but hopefully it’s somewhere around 50 cents to 1 dollar per $1,000, or maybe even cheaper.
Collectible Coins Versus Bullion
Collectibles and rares have a certain allure and status to them, but in terms of investing, you will be paying a lot more per ounce than standard bullion. If you’re concerned about protecting your wealth or assets for you and your family, go with bullion since they will have markups above spot price that are much cheaper than the rare or collectible counterparts.
Another downside to collectibles and rares is that should you want to sell them for money, it will typically take longer to do so, because very few people in the world can tell the difference between a genuine coin and a knock-off, which raises fear and skepticism in your potential buyer.
The Jury Is In
The reviews and rankings are placed from best to worst, in terms of a combination between trustlink and BBB ratings. Several companies will have detailed reviews next to their names for a much deeper look at that company.
BBB rating – A+ rating | Link – http://www.la.bbb.org/business-reviews/Gold-Silver-and-Platinum-Dealers/Regal-Assets-LLC-in-Burbank-CA-100088403
Complaints lodged against Regal Assets in the last 3 years, 1 complaint, which was closed.
Trustlink rating – 5 out of 5 stars with 233+ reviews | Link – http://www.trustlink.org/Reviews/Regal-Assets-LLC-206068373
Business Consumer Alliance – AAA rating | Link – http://www.businessconsumeralliance.org/Report/Gold-Silver-and-Platinum-Dealers/Regal-Assets-LLC-in-Burbank-CA-100088403
Pushiness Level – None. They actually make very little per ounce but make up for it in volume, rendering Regal with zero incentives to try to push certain types of precious metals over others. This ensures that you pretty much figure out what YOU want to invest in. You retain maximum control and decision making power and do not feel pressured.
IRA Fees – Even I didn’t know this until after the fact. Many companies will charge you fees based on how much your account is worth. With Regal, you pay a flat $225 for self-directed gold ira’s, even if it’s above $250,000 in value. This covers storage and administration costs. This alone can save you thousands in fees, if not 10’s of thousands.
Speed factors – Regal is apparently very efficient when it comes to metal deliveries. Some companies struggle for months to set up your precious metals IRA but Regal can do it in about 2 weeks or less. If you want to sell your metals to Regal at a future date, you typically can receive a wire transfer payment from them in about 2 to 3 days.
American Bullion Review
BBB rating – Accredited | Link – http://www.la.bbb.org/business-reviews/Gold-Silver-and-Platinum-Dealers/American-Bullion-Inc-in-Los-Angeles-CA-100101260
Trustlink – 4 out of 5 stars | Link – http://www.trustlink.org/Reviews/American-Bullion-Inc-206400378
Business Consumer Alliance – A Rating | http://www.businessconsumeralliance.org/Report/Gold-Silver-and-Platinum-Dealers/American-Bullion-Inc-in-Los-Angeles-CA-100101260
Pushiness level – moderate to high
Overall their rating is actually pretty decent. However, the complaints could cause some worry, as well as the fact that there are so few reviews available. The overall theme of the complaints can be broken down as follows:
- Sales or advertising irritation
- Investors felt overcharged or taken advantage of, especially large investors
- Violation of the do not call law; people being called despite explicitly telling American Bullion not to call them
Fee structure information was difficult to come by. When talking to anyone from American Bullion, you may have problems getting a straight answer.
Rosland Capital Group Review
BBB Rating – Not available | 3 Complaints Link – http://www.la.bbb.org/business-reviews/Gold-Silver-and-Platinum-Dealers/Rosland-Capital-LLC-in-Santa-Monica-CA-100073790
Trustlink 3 out of 5 stars – 19 Reviews | Link – http://www.trustlink.org/Reviews/Rosland-Capital-LLC-205973400
Business Consumer Alliance Rating – Not available | 20 complaints Link – http://www.businessconsumeralliance.org/Report/Gold-Silver-and-Platinum-Dealers/Rosland-Capital-LLC-in-Santa-Monica-CA-100073790
Pushiness Level – moderate to high
The complaints were varied but it sent alarm bells in my mind immediately. They can be summed up as:
- “Rude” Or “Condescending” customer service representatives (big red flag for me).
- Overcharges on coins and bars, especially numismatic and rare/collectible coins.
- Difficult to find out what the scaling fee for gold IRA accounts really were.
Expect Rosland Capital to push for numismatic and rare/collectible coins as they command a higher premium for the company selling them to you. This basically means you pay more money than necessary had you chosen to buy regular bullion coins. While the annual storage fee was a mere $225 a year, I could not find out anything about admin or scaling fees for precious metal IRA accounts. Every time I inquired, I always was redirected about how great their facilities were or how amazing rare coins are for my portfolio. I wonder if the “amazing” facilities means that I’m paying for extravagance.
My issue with this is that most numismatic and rare coins are NOT accepted by the IRS for a gold IRA and when someone doesn’t directly answer a simple question, it typically means they are trying to hide something from me. This usually causes alarm bells to ring in my head.
Should you choose to go with Rosland Capital, I’d be aware of the fact that you may get roughed up a bit emotionally should you decide not to buy their more expensive coins or any other offers they have.
Goldline International – Glenn Beck Gold Review
Let me first state that I’m actually a fan of Glenn Beck. Thanks to him, he illuminates millions of otherwise innocent hardworking Americans about the abuses of American government and politics. If it weren’t for him, many would still be clueless about the dangers of fiat currency or the massive problems that America faces today.
Sadly, this illumination does not translate into positive reviews, as hundreds of past customers have had enormous complaints about Goldline. They certainly were not shy about voicing their opinions online. Personally, I think Glenn Beck needs to find a different company to recommend because his experience is clearly different than the average American, and that is disturbing to me.
BBB Rating – C+ | 60 Complaints Link – http://www.la.bbb.org/business-reviews/Gold-Silver-and-Platinum-Dealers/Goldline-International-Inc-in-Santa-Monica-CA-35002328
Trustlink Rating – 2 out of 5 stars | 45 Reviews Link – http://www.trustlink.org/Reviews/Goldline-International-Inc-205959000
Business Consumer Alliance Rating – F | Link – http://www.businessconsumeralliance.org/Report/Gold-Silver-and-Platinum-Dealers/Goldline-International-Inc-in-Santa-Monica-CA-35002328
Pushiness Level – High
Fee information was extremely difficult to come by. Basically, any pricing information about storage or administration was either vague, avoided, or outright way higher than every other company. Their prices for coins were also much higher than average. For example, one person was quoted $5 above spot for each ounce of silver for an American Eagle.
Complaints were varied but they can be summed up as the following:
- Prices were overcharged wherever possible
- Numismatic and rare coins were not only hard promoted by sellers, but they were at least 30% above spot/base prices of gold and silver
- The price matching guarantee was not honored, often not at all in several cases. This essentially means Goldline did not protect their customers from rapid decreases in precious metal prices.
- Massive complaints from customers who wanted to sell back their gold and silver to Goldline but were met with hefty fees, low markups, and weeklong delays.
Several complaints even go so far as to say both Goldline and Glenn Beck are scammers. If you choose to work with Goldline, you have to put on some thick skin and prepare to:
- Pay potentially higher prices than you’re suppose to
- Be potentially put down by customer service representatives
- Have difficulty finding correct and logical information
If you ever wondered why so many people hate Glenn Beck, it isn’t just because of his politics. I think the above might have something to do with that. I personally do not like such negativity and avoid such things at all costs. You may want to do the same.